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Ownership and control in Colombian corporations

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  • Gutierrez, Luis H.
  • Pombo, Carlos
  • Taborda, Rodrigo

Abstract

This paper studies the separation of ownership and control for an average of 140 listed non-financial corporations in Colombia during the 1996-2002 period. Breaking down the sample according to corporations` listing status and economic activity shows that voting rights are greater than cash flow rights because of the presence of indirect ownership across firms that belong mainly to pyramidal and cross-share holdings. The study sample also includes an important set of non-affiliated firms. Ownership statistics show high concentration among the four largest voting blocks, which is similar to the levels observed in continental Europe, but the largest stake has voting rights that are on average 20 percent lower than the average observed in that region. Finally, holding investment and trust funds play a central role as the holdings` ultimate controllers.

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Bibliographic Info

Article provided by Elsevier in its journal The Quarterly Review of Economics and Finance.

Volume (Year): 48 (2008)
Issue (Month): 1 (February)
Pages: 22-47

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Handle: RePEc:eee:quaeco:v:48:y:2008:i:1:p:22-47

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Web page: http://www.elsevier.com/locate/inca/620167

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References

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  1. Wiwattanakantang, Yupana, 2001. "Controlling Shareholders and Corporate Value: Evidence from Thailand," CEI Working Paper Series 2001-4, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
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  4. Julian Franks & Colin Mayer, 2001. "Ownership and Control of German Corporations," OFRC Working Papers Series 2001fe11, Oxford Financial Research Centre.
  5. Ariane Chapelle, 2004. "Separation between ownership and control: where do we stand?," Working Papers CEB 04-018.RS, ULB -- Universite Libre de Bruxelles.
  6. Stijn Claessens & Simeon Djankov, 1999. "Ownership Concentration and Corporate Performance in the Czech Republic," William Davidson Institute Working Papers Series 227, William Davidson Institute at the University of Michigan.
  7. Claessens, Stijn & Djankov, Simeon & Lang, Larry H. P., 2000. "The separation of ownership and control in East Asian Corporations," Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 81-112.
  8. Grossman, Sanford J. & Hart, Oliver D., 1986. "The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration," Scholarly Articles 3450060, Harvard University Department of Economics.
  9. Alberto Chong & Alejandro Izquierdo & Alejandro Micco & Ugo Panizza, 2003. "Corporate Governance and Private Capital Flows to Latin America," Research Department Publications 4323, Inter-American Development Bank, Research Department.
  10. Renneboog, L.D.R., 1999. "Ownership, Managerial Control and the Governance of Companies Listed on the Brussels Stock Exchange," Discussion Paper 1999-63, Tilburg University, Center for Economic Research.
  11. Nicolás Majluf & Nureya Abarca & Darío Rodríguez & Luis Arturo Fuentes, 1998. "Governance And Ownership Structure In Chilean Economic Groups," Abante, Escuela de Administracion. Pontificia Universidad Católica de Chile., vol. 1(1), pages 111-139.
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  14. Rodolfo Apreda, 1999. "Corporate Governance in Argentina - New Developments through 1991-2000," CEMA Working Papers: Serie Documentos de Trabajo. 154, Universidad del CEMA.
  15. Ariane Chapelle & Ariane Szafarz, 2002. "Ownership and control: dissecting the pyramid," Working Papers CEB 03-002.RS, ULB -- Universite Libre de Bruxelles.
  16. Luis H Gutiérrez & Carlos Pombo, 2005. "Corporate Valuation and Governance: Evidence from Colombia," BORRADORES DE INVESTIGACIÓN 002203, UNIVERSIDAD DEL ROSARIO.
  17. Carlos Pombo, 2002. "Industrialization and industrial policy in Colombia: a tale of economic development," BORRADORES DE INVESTIGACIÓN 002842, UNIVERSIDAD DEL ROSARIO.
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Citations

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Cited by:
  1. Carlos Pombo & Luis H. Gutiérrez, 2007. "Corporate Governance and Firm Valuation in Colombia," Research Department Publications 4470, Inter-American Development Bank, Research Department.
  2. Luis H. Gutiérrez & Carlos Pombo, 2005. "Corporate Valuation and Governance: Evidence from Colombia," Research Department Publications 3216, Inter-American Development Bank, Research Department.
  3. Carlos Pombo & Luis H. Gutiérrez, 2007. "Gestión empresarial y valuación de empresas en Colombia," Research Department Publications 4471, Inter-American Development Bank, Research Department.
  4. repec:hal:cepnwp:hal-00842582 is not listed on IDEAS
  5. González, Maximiliano & Guzmán, Alexander & Pombo, Carlos & Trujillo, María-Andrea, 2012. "Family firms and financial performance: The cost of growing," Emerging Markets Review, Elsevier, vol. 13(4), pages 626-649.
  6. repec:hal:wpaper:hal-00842582 is not listed on IDEAS
  7. Fernando Lefort, 2005. "Ownership Structure And Corporate Governance In Latin America," Abante, Escuela de Administracion. Pontificia Universidad Católica de Chile., vol. 8(1), pages 55-84.

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